Gleaming new coils of steel are ready for shipment at a Baogang Group steel production warehouse. [Photo/Baotou Daily]

Baogang Group, based in Baotou city in North China's Inner Mongolia autonomous region, achieved an operating income of 86.68 billion yuan ($13.42 billion) that produced a company profit of 1.60 billion yuan after paying 4.51 billion yuan in taxes in 2020, according to its 2020 Social Responsibility Report released on July 21.

In 2020, Baogang Group promoted a strategic transformation of its rare earth steel production and strengthened its two main businesses.

The company's rare earth steel products have been widely used in key national construction projects such as Beijing Daxing International Airport, the Sino-Russian East Route Natural Gas Pipeline, which have been exported to 60 countries and regions globally.

It has successfully developed high-grade rare earth industrial wire rods, rare earth wear-resistant steel, and rare earth high-strength galvanized steel in five categories and 27 varieties. In 2020, the total number of rare earth steel products reached 390,000 metric tons.

During the period, the smelting capacity and output of Beifang Rare Earth Group Technology Co, a major subsidiary of Baogang Group, ranked first in the world. Its five major rare earth functional materials industries have achieved full coverage.

The subsidiary's production capacity of magnetic, polishing, and hydrogen storage materials ranked first globally. It is an industry leader with the largest scale and the most complete industrial chain, ranking it first in China and internationally.

In addition, Baogang Group has vigorously promoted the coordinated prevention and control of air, water, and soil, and has continued to improve environmental protection indicators.

At the end of 2020, the green area of Baogang Group's factory area reached 19.67 million square meters, and the green coverage rate reached 46.9 percent. It was awarded the titles of "green factory" and "clean production environment-friendly enterprise."